About FRSC and PIC
The Financial Reporting Standards Council (FRSC) was established by the Professional Regulatory Commission under the Implementing Rules and Regulations of the Philippine Accountancy of Act of 2004 to assist the Board of Accountancy in carrying out its power and function to promulgate accounting standards in the Philippines. The FRSC’s main function is to establish generally accepted accounting principles in the Philippines.
The FRSC is the successor of the Accounting Standards Council (ASC). The ASC was created in November 1981 by the Philippine Institute of Certified Public Accountants (PICPA) to establish generally accepted accounting principles in the Philippines. The FRSC carries on the decision made by the ASC to converge Philippine accounting standards with international accounting standards issued by the International Accounting Standards Board (IASB).
The FRSC consists of who a Chairman and members are appointed by the BOA and include representatives from the Board of Accountancy (BOA), Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Financial Executives Institute of the Philippines (FINEX), Commission on Audit (COA) and Philippine Institute of Certified Public Accountants (PICPA). The FRSC has full discretion in developing and pursuing the technical agenda for setting accounting standards in the Philippines. Financial support is received principally from the PICPA Foundation.
The FRSC monitors the technical activities of the IASB and invites comments on exposure drafts of proposed IFRSs as these are issued by the IASB. When finalized, these are adopted as Philippine Financial Reporting Standards (PFRSs). The FRSC similarly monitors issuances of the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, which it adopts as Philippine Interpretations–IFRIC. PFRSs and Philippine Interpretations–IFRIC approved for adoption are submitted to the BOA and PRC for approval.
The FRSC formed the Philippine Interpretations Committee (PIC) in August 2006 to assist the FRSC in establishing and improving financial reporting standards in the Philippines. The role of the PIC is principally to issue implementation guidance on PFRSs. The PIC members are appointed by the FRSC and include accountants in public practice, the academe and regulatory bodies and users of financial statements. The PIC replaced the Interpretations Committee created by the ASC in 2000.
Philippine Financial Reporting Standards
Philippine Financial Reporting Standards (PFRSs) are currently fully converged with International Financial Reporting Standards (IFRSs). Unaccompanied IFRSs may be downloaded from the IASB website free of charge. Registration in the IASB website is required to access the unaccompanied IFRSs.
Adopted to date
Preface to Philippine Financial Reporting Standards
The Conceptual Framework for Financial Reporting
Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)
The FRSC adopted the Revised Conceptual Framework for Financial Reporting on June 27, 2018 (Effective date: January 1, 2020)
Philippine Financial Reporting Standards
Number | Title | Effective date |
PFRS 1 (Revised) | First-time Adoption of Philippine Financial Reporting Standards | July 1, 2009 |
PFRS 2 | Share-based Payment | January 1, 2005 |
PFRS 3 (Revised) | Business Combinations | July 1, 2009 |
PFRS 4 | Insurance Contracts | January 1, 2005 |
PFRS 5 | Non-current Assets Held for Sale and Discontinued Operations | January 1, 2005 |
PFRS 6 | Exploration for and Evaluation of Mineral Resources | January 1, 2006 |
PFRS 7 | Financial Instruments: Disclosures | January 1, 2007 |
PFRS 8 | Operating Segments | January 1, 2009 |
PFRS 9 (2014) | Financial Instruments | January 1, 2018 |
PFRS 10 | Consolidated Financial Statements | January 1, 2013 |
PFRS 11 | Joint Arrangements | January 1, 2013 |
PFRS 12 | Disclosure of Interests in Other Entities | January 1, 2013 |
PFRS 13 | Fair Value Measurement | January 1, 2013 |
PFRS 14 | Regulatory Deferral Accounts | January 1, 2016 |
PFRS 15 | Revenue from Contracts with Customers | January 1, 2018 |
PFRS 16 | Leases | January 1, 2019 |
PFRS 17 | Insurance Contracts | January 1, 2023 |
Philippine Accounting Standards
Number | Title | Effective date |
PAS 1 (Revised) | Presentation of Financial Statements | January 1, 2009 |
PAS 2 | Inventories | January 1, 2005 |
PAS 7 | Statement of Cash Flows | January 1, 2005 |
PAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors | January 1, 2005 |
PAS 10 | Events after the Reporting Period | January 1, 2005 |
PAS 12 | Income Taxes | January 1, 2005 |
PAS 16 | Property, Plant and Equipment | January 1, 2005 |
PAS 17 | Leases | January 1, 2005 |
PAS 19 (Revised) | Employee Benefits | January 1, 2013 |
PAS 20 | Accounting for Government Grants and Disclosure of Government Assistance | January 1, 2005 |
PAS 21 | The Effects of Changes in Foreign Exchange Rates | January 1, 2005 |
PAS 23 (Revised) | Borrowing Costs | January 1, 2009 |
PAS 24 (Revised) | Related Party Disclosures | January 1, 2011 |
PAS 26 | Accounting and Reporting by Retirement Benefit Plans | January 1, 2005 |
PAS 27 (Amended) | Separate Financial Statements | January 1, 2013 |
PAS 28 (Amended) | Investments in Associates and Joint Ventures | January 1, 2013 |
PAS 29 | Financial Reporting in Hyperinflationary Economies | January 1, 2005 |
PAS 32 | Financial Instruments: Presentation | January 1, 2007 |
PAS 33 | Earnings per Share | January 1, 2005 |
PAS 34 | Interim Financial Reporting | January 1, 2005 |
PAS 36 | Impairment of Assets | January 1, 2005 |
PAS 37 | Provisions, Contingent Liabilities and Contingent Assets | January 1, 2005 |
PAS 38 | Intangible Assets | January 1, 2005 |
PAS 39 | Financial Instruments: Recognition and Measurement | January 1, 2005 |
PAS 40 | Investment Property | January 1, 2005 |
PAS 41 | Agriculture | January 1, 2005 |
Philippine Interpretations
Number | Title | Effective date |
Philippine Interpretation IFRIC-1 | Changes in Existing Decommissioning, Restoration and Similar Liabilities | January 1, 2005 |
Philippine Interpretation IFRIC-2 | Members’ Shares in Co-operative Entities and Similar Instruments | January 1, 2005 |
Philippine Interpretation IFRIC-4 | Determining whether an Arrangement contains a Lease | January 1, 2006 |
Philippine Interpretation IFRIC-5 | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | January 1, 2006 |
Philippine Interpretation IFRIC-6 | Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment | December 1, 2005 |
Philippine Interpretation IFRIC-7 | Applying the Restatement Approach under PAS 29 Financial Reporting in Hyperinflationary Economies | March 1, 2006 |
Philippine Interpretation IFRIC-10 | Interim Financial Reporting and Impairment | November 1, 2006 |
Philippine Interpretation IFRIC-12 | Service Concession Arrangements | January 1, 2008 |
Philippine Interpretation IFRIC-14 | PAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | January 1, 2008 |
Philippine Interpretation IFRIC-16 | Hedges of a Net Investment in a Foreign Operation | October 1, 2008 |
Philippine Interpretation IFRIC-19 | Extinguishing Financial Liabilities with Equity Instruments | July 1, 2010 |
Philippine Interpretation IFRIC-20 | Stripping Costs in the Production Phase of a Surface Mine | January 1, 2013 |
Philippine Interpretation IFRIC-21 | Levies | January 1, 2014 |
Philippine Interpretation IFRIC-22 | Foreign Currency Transactions and Advance Consideration | January 1, 2018 |
Philippine Interpretation IFRIC-23 | Uncertainty over Income Tax Treatments | January 1, 2019 |
Philippine Interpretation SIC-7 | Introduction of the Euro | January 1, 2005 |
Philippine Interpretation SIC-10 | Government Assistance—No Specific Relation to Operating Activities | January 1, 2005 |
Philippine Interpretation SIC-15 | Operating Leases—Incentives | January 1, 2005 |
Philippine Interpretation SIC-25 | Income Taxes—Changes in the Tax Status of an Entity or its Shareholders | January 1, 2005 |
Philippine Interpretation SIC-27 | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | January 1, 2005 |
Philippine Interpretation SIC-29 | Service Concession Arrangements: Disclosures | January 1, 2005 |
Philippine Interpretation SIC-32 | Intangible Assets—Web Site Costs | January 1, 2005 |
New Pronouncements
For more information about these new pronouncements, please visit the IASB website.
Pronouncement
|
Date adopted by FRSC
|
Effective for annual periods beginning on or after
|
Amendment to PFRS 17, Initial Application of PFRS 17 and PFRS 9 – Comparative Information | December 15, 2021 | January 1, 2025(a) |
Amendments to PAS 12, Deferred Tax related to Assets and Liabilities from a Single Transaction | June 9, 2021 | January 1, 2023 |
Amendments to PFRS 16, Covid-19-Related Rent Concessions beyond 30 June 2021 | April 14, 2021 | April 1, 2021 |
Amendments to PAS 1 and PFRS Practice Statement 2, Disclosure Initiative – Accounting Policies | April 14, 2021 | January 1, 2023 |
Amendments to PAS 8, Definition of Accounting Estimates | April 14, 2021 | January 1, 2023 |
Amendments to PFRS 17, Insurance Contracts | August 19, 2020 | January 1, 2023 |
Amendments to PFRS 3, Reference to the Conceptual Framework | August 19, 2020 | January 1, 2022 |
Amendments to PAS 16, Property, Plant and Equipment – Proceeds before Intended Use | August 19, 2020 | January 1, 2022 |
Amendments to PAS 37, Onerous Contracts – Cost of Fulfilling a Contract | August 19, 2020 | January 1, 2022 |
Annual Improvements to PFRS Standards 2018-2020 Cycle
|
August 19, 2020 | January 1, 2022 |
Amendments to PFRS 16, COVID-19-related Rent Concessions | June 1, 2020 | June 1, 2020 |
Amendments to PAS 1, Classification of Liabilities as Current or Non-current | February 12, 2020 / August 19, 2020 | January 1, 2023 |
Amendments to PFRS 3, Definition of a Business | November 14, 2018 | January 1, 2020 |
Amendments to PAS 1 and PAS 8, Definition of Material | November 14, 2018 | January 1, 2020 |
PFRS 17, Insurance Contracts | March 14, 2018 | January 1, 2021 |
Annual Improvements to PFRSs 2015-2017 Cycle
|
March 14, 2018 | January 1, 2019 |
Amendments to PAS 19, Plan Amendment, Curtailment or Settlement | March 14, 2018 | January 1, 2019 |
Amendments to PAS 28, Long-term Interests in Associates and Joint Ventures | November 8, 2017 | January 1, 2019 |
Amendments to PFRS 9, Prepayment Features with Negative Compensation | November 8, 2017 | January 1, 2019 |
Philippine Interpretation IFRIC-23, Uncertainty over Income Tax Treatments | July 12, 2017 | January 1, 2019 |
Philippine Interpretation IFRIC-22, Foreign Currency Transactions and Advance Consideration | January 11, 2017 | January 1, 2018 |
Amendments to PAS 40, Transfers of Investment Property | January 11, 2017 | January 1, 2018 |
Annual Improvements to PFRSs 2014 – 2016 Cycle
|
January 11, 2017 | Amendment to PFRS 12 – January 1, 2017
Amendments to PFRS 1 and PAS 28 – January 1, 2018 |
Amendments to PFRS 15, Clarifications to PFRS 15 | December 7, 2016 | January 1, 2018 |
PFRS 15, Revenue from Contracts with Customers | December 7, 2016 | January 1, 2018 |
Amendments to PFRS 4, Applying PFRS 9, Financial Instruments with PFRS 4, Insurance Contracts | October 12, 2016 | January 1, 2018 |
Amendments to PFRS 2, Classification and Measurement of Share-based Payment Transactions | September 14, 2016 | January 1, 2018 |
Amendments to PAS 12, Recognition of Deferred Tax Assets for Unrealized Losses | February 17, 2016 | January 1, 2017 |
Amendments to PAS 7, Disclosure Initiative | February 17, 2016 | January 1, 2017 |
PFRS 16, Leases | February 17, 2016 | January 1, 2019 |
Amendments to PAS 1, Disclosure Initiative | February 11, 2015 | January 1, 2016 |
Amendments to PFRS 10, PFRS 12 and PAS 28, Investment Entities: Applying the Consolidation Exception | February 11, 2015 | January 1, 2016 |
Annual Improvements to PFRSs 2012 – 2014 Cycle
|
October 8, 2014 | January 1, 2016 |
Amendments to PFRS 10 and PAS 28, Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | October 8, 2014 | Deferred** |
PFRS 9, Financial Instruments (2014) | September 10, 2014 | January 1, 2018* |
Amendments to PAS 27, Equity Method in Separate Financial Statements | September 10, 2014 | January 1, 2016 |
Amendments to PAS 16 and PAS 41, Agriculture: Bearer Plants | July 9, 2014 | January 1, 2016 |
Amendments to PAS 16 and PAS 38, Clarification of Acceptable Methods of Depreciation and Amortization | July 9, 2014 | January 1, 2016 |
PFRS 14, Regulatory Deferral Accounts | July 9, 2014 | January 1, 2016 |
Amendments to PFRS 11, Accounting for Acquisitions of Interests in Joint Operations | July 9, 2014 | January 1, 2016 |
PFRS 9, Financial Instruments (Hedge Accounting and amendments to PFRS 9, PFRS 7 and PAS 39) | December 17, 2013 | No mandatory effective date* |
Annual Improvements to PFRSs 2011 – 2013 Cycle
|
December 17, 2013 | July 1, 2014 |
Annual Improvements to PFRSs 2010 – 2012 Cycle
|
December 17, 2013 | July 1, 2014 |
Amendments to PAS 19, Defined Benefit Plans: Employee Contributions | December 17, 2013 | July 1, 2014 |
(a) On December 15, 2021, the FRSC amended the mandatory effective date of PFRS 17 from January 1, 2023 to January 1, 2025. This is consistent with Circular Letter No. 2020-62 issued by the Insurance Commission which deferred the implementation of IFRS 17 by two (2) years after its effective date as decided by the IASB.
(b) In November 2009, the IASB issued IFRS 9 (2009), which covers the classification and measurement requirements of financial assets and was adopted by FRSC as PFRS 9 (2009) on March 8, 2010. In October 2010, the IASB finalized the classification and measurement requirements of financial liabilities and issued IFRS 9 (2010), which was adopted by FRSC on November 24, 2010 as PFRS 9 (2010). In December 2011, the IASB deferred the mandatory effective date of IFRS 9 from January 1, 2013 to January 1, 2015. The FRSC followed suit on December 28, 2011. In November 2013, the IASB introduced the new hedge accounting model, removed January 1, 2015 as the mandatory effective date of IFRS 9 and issued IFRS 9 (2013), which the FRSC adopted as PFRS 9 (2013) on December 17, 2013. In July 2014, the IASB finalized the impairment phase of IFRS 9, introduced limited amendments to the classification and measurement model of financial assets and issued IFRS 9 (2014). IFRS 9 (2014) was adopted by FRSC as PFRS 9 (2014) on September 10, 2014.
(c) On January 13, 2016, the FRSC decided to postpone the original effective date of January 1, 2016 of the said amendments until the IASB has completed its broader review of the research project on equity accounting that may result in the simplification of accounting for such transactions and of other aspects of accounting for associates and joint ventures.
PIC Q&A Compilation (June 2021)
The latest compilation of existing PIC Q&As (as of June 2020) can be accessed here
List of PIC Q&As issued:
2020
|
|
Conforming Changes to PIC Q&As – Cycle 2020 | |
Conclusion on PIC QA 2018-12E: On certain materials delivered on site but not yet installed | |
Q&A No. 2018-12-D: STEP 3 – On the accounting of the difference when the percentage of completion is ahead of the buyer’s payment | |
PFRS 15 – Step 3 – Requires and Entity to Determine the Transaction Price for the Contract (Addendum to PIC Q&A 2018-12-D) | |
PFRS 15 – Accounting for Cancellation of Real Estate Sales (Supersedes Q&A 2018-14) | |
PFRS 16 Accounting for payments between and among lessors and lessees | |
PAS 12 – Accounting for the Proposed Changes in Income Tax Rates under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Bill |
2019
|
|
Accounting for service charges under PFRS 15, Revenue from Contracts with Customers | |
Accounting for cryptographic assets | |
Revenue recognition guidance for sugar millers | |
Conforming Changes to PIC Q&As – Cycle 2019 | |
Accounting for step acquisition of a subsidiary in a parent’s separate financial statements | |
Classification of Members’ Capital Contributions of Non-Stock Savings and Loan Associations (NSSLA) | |
Accounting for Asset Retirement or Restoration Obligation with the Adoption of PFRS 16, Leases | |
Accounting for Prepaid Rent or Rent Liability Arising from Straight-lining under PAS 17 on Transition to PFRS 16 and the Related Deferred Tax Effects | |
Accounting for variable payments with rent review | |
Determining the current portion of an amortizing loan/lease liability | |
Determining the lease term under PFRS 16, Leases | |
Determining the lease term of leases that are renewable subject to mutual agreement of the lessor and the lessee |
2018
|
|
PAS 8 – Voluntary changes in accounting policy |
|
PAS 36 – Non-controlling interests and goodwill impairment test |
|
PFRS 13, PAS 16 and PAS 36 – Fair value of property, plant and equipment and depreciated replacement cost |
|
PAS 41 – Inability to measure fair value reliably for biological assets within the scope of PAS 41, Agriculture |
|
PAS 37 – Liability arising from maintenance requirement of an asset held under a lease |
|
PAS 27 – Cost of investment in subsidiaries in separate financial statements when pooling is applied in consolidated financial statements |
|
PAS 27 and PAS 28 – Cost of an associate, joint venture, or subsidiary in separate financial statements [Amended by PIC Q&A No. 2018-13] |
|
PFRS 10 and PFRS 3 – Accounting for the acquisition of a non-wholly owned subsidiary that is not a business |
|
PAS 21 – Classification of deposits and progress payments as monetary or nonmonetary items |
|
PAS 2 – Scope of disclosure of inventory write-downs |
|
Classification of land by real estate developer |
|
PFRS 15 implementation issues affecting the real estate industry |
|
Conforming Changes to PIC Q&As – Cycle 2018 | |
PFRS 15 – Accounting for Cancellation of Real Estate Sales (Withdrawn by PIC Q&A No. 2020-05) |
|
PAS 1- Classification of Advances to Contractors in the Nature of Prepayments: Current vs. Non-current | |
PFRS 13 – Level of fair value hierarchy of government securities using Bloomberg’s standard rule on fair value hierarchy |
2017
|
|
Conforming Changes to PIC Q&As – Cycle 2017 |
|
PAS 2 and PAS 16 – Capitalization of operating lease cost as part of construction costs of a building | |
PAS 28 – Elimination of profits and losses resulting from transactions between associates and/or joint ventures | |
PAS 24 – Related party relationships between parents, subsidiary, associate and non-controlling shareholder | |
PFRS 7 – Frequently asked questions on the disclosure requirements of financial instruments under PFRS 7, Financial Instruments: Disclosures [Amended by PIC Q&A No. 2018-13] | |
PAS 2, 16 and 40 – Accounting for collector’s items | |
PFRS 10 – Accounting for reciprocal holdings in associates and joint ventures | |
PFRS 10 – Requirement to prepare consolidated financial statements where an entity disposes of its single investment in a subsidiary, associate or joint venture | |
PAS 17 and Philippine Interpretation SIC-15 – Accounting for payments between and among lessors and lessees [withdrawn by PIC Q&A No. 2020-06] | |
PAS 40 – Separation of property and classification as investment property | |
PFRS 10 and PAS 32 – Transaction costs incurred to acquire outstanding non-controlling interest or to sell non-controlling interest without a loss of control | |
Subsequent Treatment of Equity Component Arising from Intercompany Loans |
2016
|
|
Conforming Changes to PIC Q&As – Cycle 2016 |
|
PAS 32 and PAS 38 – Accounting Treatment of Club Shares Held by an Entity [Amended by PIC Q&A No. 2018-13] |
|
Accounting for Common Areas and the Related Subsequent Costs by Condominium Corporations [Amended by PIC Q&A No. 2018-13] | |
Application of PFRS 15 “Revenue from Contracts with Customers” on Sale of Residential Properties under Pre-completion Contracts |
2015
|
|
Conforming Changes to PIC Q&As – Cycle 2015 |
2013
|
|
Applicability of SMEIG Final Q&As on the application of IFRS for SMEs to Philippine SMEs [Withdrawn by PIC Q&A No. 2017-01] |
|
Conforming Changes to PIC Q&As – Cycle 2013 |
|
PAS 19 – Accounting for Employee Benefits under a Defined Contribution Plan subject to Requirements of Republic Act (RA) 7641, The Philippine Retirement Law |
|
PAS 19 – Accounting for Employee Benefits under a Defined Contribution Plan subject to Requirements of Republic Act (RA) 7641, The Philippine Retirement Law |
2012
|
|
PFRS 3.2 – Application of the Pooling of Interests Method for Business Combinations of Entities under Common Control in Consolidated Financial Statements [Amended by PIC Q&A No. 2015-01 and PIC Q&A No. 2018-13] |
|
Cost of a new building constructed on the site of a previous building |
2011
|
|
PAS 1 – Requirements for a Third Statement of Financial Position [Withdrawn by PIC Q&A No. 2013-02] |
|
PFRS 3.2 – Common Control Business Combinations |
|
Accounting for Inter-company Loans [Amended by PIC Q&A No. 2015-01 and PIC Q&A No. 2018-13] |
|
PAS 32.37-38 – Costs of Public Offering of Shares [Amended by PIC Q&A No. 2018-13] |
|
PFRS 1.D1-D8 – Fair Value or Revaluation as Deemed Cost [Amended by PIC Q&A No. 2016-01 and PIC Q&A No. 2018-13] |
|
Acquisition of investment properties – asset acquisition or business combination? [Withdrawn by PIC Q&A 2020-01] |
2010
|
|
PAS 39.AG71-72 – Rate used in determining the fair value of government securities [Withdrawn by PIC Q&A No. 2013-02] |
|
PAS 1R.16 – Basis of preparation of financial statements [Amended by PIC Q&A No. 2017-01 and PIC Q&A No. 2018-13] |
|
Current/non-current classification of a callable term loan |
2009
|
|
Framework, paragraph 23 and PAS 1.23 – Financial statements prepared on a basis other than going concern [Amended by PIC Q&A No. 2013-02 and PIC Q&A No. 2018-13] |
|
PAS 39.AG71-72: Rate used in determining the fair value of government securities in the Philippines [Superseded by PIC Q&A No. 2010-01] |
2008
|
|
PAS 19.78 – Rate used in discounting post-employment benefit obligations [Superseded by PIC Q&A No. 2008-01 (Revised)] |
|
PAS 19.78 – Rate used in discounting post-employment benefit obligations [Amended by PIC Q&A No. 2016-01] |
|
PAS 20.43 – Accounting for government loans with low interest rates under the amendments to PAS 20 [Withdrawn by PIC Q&A No. 2016-01] |
2007
|
|
PAS 1.103(a) – Basis of prepration of financial statements if an entity has not applied PFRSs in full [Superseded by IC Q&A No. 2010-02] |
|
PAS 20.24.37 and PAS 39.43 – Accounting for government loans with low interest rates [See PIC Q&A No. 2008-02] |
|
PAS 40.27 – Valuation of bank real and other properties acquired (ROPA) |
|
PAS 101.7 – Application of criteria for a qualifying NPAE [Withdrawn by PIC Q&A No. 2013-02] |
2006
|
|
PAS 18, Appendix, paragraph 9 – Revenue recognition for sales of property units under pre-completion contracts [Withdrawn by PIC Q&A No. 2018-13] |
|
PAS 27.10(d) – Clarification of criteria for exemption from presenting consolidated financial statements [Amended by PIC Q&A No. 2013-02 and PIC Q&A No. 2017-01] |
PFRS for SMEs
Philippine Financial Reporting Standard for Small and Medium-sized Entities (PFRS for SMEs)
Effective for annual periods beginning on or after January 1, 2010
Notes:
- The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), which was adopted as the PFRS for SMEs by the FRSC, may be freely downloaded from the IASB website through the IFRS for SMEs section. Registration in the IASB website is required to access the IFRS for SMEs.
- On August 12, 2015, the FRSC has adopted the 2015 amendments to the IFRS for SMEs as 2015 amendments to the PFRS for SMEs, which will become mandatory for annual periods beginning on or after January 1, 2017. The amendments can be freely downloaded from the IASB website through the Comprehensive Review of the IFRS for SMEs section.
Preface
Section
1 |
Small and Medium-sized Entities |
2 |
Concepts and Pervasive Principles |
3 |
Financial Statement Presentation |
4 |
Statement of Financial Position |
5 |
Statement of Comprehensive Income and Income Statement |
6 |
Statement of Changes In Equity and Statement of Income and Retained Earnings |
7 |
Statement of Cash Flows |
8 |
Notes to the Financial Statements |
9 |
Consolidated and Separate Financial Statements |
10 |
Accounting Policies, Estimates and Errors |
11 |
Basic Financial Instruments |
12 |
Other Financial Instruments Issues |
13 |
Inventories |
14 |
Investments in Associates |
15 |
Investments in Joint Ventures |
16 |
Investment Property |
17 |
Property, Plant and Equipment |
18 |
Intangible Assets other than Goodwill |
19 |
Business Combinations and Goodwill |
20 |
Leases |
21 |
Provisions and Contingencies |
22 |
Liabilities and Equity |
23 |
Revenue |
24 |
Government Grants |
25 |
Borrowing Costs |
26 |
Share-based Payment |
27 |
Impairment of Assets |
28 |
Employee Benefits |
29 |
Income Tax |
30 |
Foreign Currency Translation |
31 |
Hyperinflation |
32 |
Events after the end of the Reporting Period |
33 |
Related Party Disclosures |
34 |
Specialized Activities |
35 |
Transition to the PFRS for SMEs |
Other Pronouncements
Pronouncement |
Date adopted/ |
PFRS for Small Entities [Effective for annual periods beginning on or after January 1, 2019]
(Click here to read the preface to PFRS for Small Entities.) |
December 13, 2017 |
PFRS Practice Statement Management Commentary* |
June 29, 2011 |
PFRS Practice Statement Making Materiality Judgments* |
November 8, 2017 |
February 11, 2015 |
|
February 11, 2015 |
|
PIC guidance on financial reporting: Q&As on Philippine Financial Reporting Standards (June 2020) | |
PIC Letters to the Real Estate Industry on PFRS 15 implementation issues
Annexes: |
February 12, 2020 |
*May be downloaded from the IASB website free of charge
Proposals
The FRSC encourages the public to submit comment letters on the following proposals to the International Accounting Standards Board / IFRS Intrepretations Committee:
Proposal | Deadline |
Discussion Paper – Business Combinations under Common Control
In November 2020, the International Accounting Standards Board (Board) published the Discussion Paper Business Combinations under Common Control. The Discussion Paper sets out the Board’s preliminary views on possible reporting requirements that would help companies provide better information about business combinations under common control. |
September 1, 2021 |
Exposure Draft – Disclosure Requirements in IFRS Standards – A Pilot ApproachIn March 2021, the IASB issued an Exposure Draft (ED) on Disclosure Requirements in IFRS Standards – A Pilot Approach where the IASB proposes guidance for its own use when developing and drafting disclosure requirements in IFRS Standards.
In its pilot application of the guidance, amendments to IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits are proposed. The ultimate goal is to provide overall disclosure objectives which are supported by specific disclosure objectives and items of information for specific IFRS Standards.
|
21 October 2021 |
Contact Us
Josephine Adrienne A. Abarca
Chairman
Financial Reporting Standards Council (FRSC)
PICPA Building
700 Shaw Boulevard
Mandaluyong City
Wilson P. Tan
Chairman
Philippine Interpretations Committee (PIC)
PICPA Building
700 Shaw Boulevard
Mandaluyong City